take the final balances and create an Income Statement, Statement of Owner's Equity and Balance Sheet...

take the final balances and create an Income Statement, Statement of Owner's Equity and Balance Sheet for this company. You can title the company CW Rental Management.

On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June:

Opened a business bank account with a deposit of $30,000 from personal funds.
Purchased office supplies on account, $1,800.
Received cash from fees earned for managing rental property, $10,000.
Paid rent on office and equipment for the month, $4,500.
Paid creditors on account, $1,250.
Billed customers for fees earned for managing rental property, $16,800.
Paid automobile expenses (including rental charges) for the month, $750, and miscel- laneous expenses, $980.
Paid office salaries, $4,000.
Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120.
Withdrew cash for personal use, $7,500.

Expert Solution

ekkarill92 answered 2 years ago

Liabilities are reported on the a. balance sheet b. income statement c. statement of owner's equity...

Liabilities are reported on the a. balance sheet b. income statement c. statement of owner's equity d. statement of cash flows

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